25th Feb 2025 12:08
(Alliance News) - First Tin PLC on Tuesday said its loss widened during the first half of its current financial year, as expenses ramped up.
Tin mine developer with projects in Germany and Australia said its pretax loss during the six months that ended December 31 widened to GBP909,879 from GBP841,588 the year before.
This was due to administrative expenses increasing by 5.8% to GBP944,625 from GBP892,806. First Tin generates no revenue and finance income declined to GBP35,538 from GBP51,218.
"First Tin has made significant strides over the past six months, successfully advancing both our Australian and German assets," said Chief Executive Officer Bill Scotting.
"The completion and submission of the Taronga [environmental impact statement] will be a major milestone, bringing us closer to securing developmental approval. Additionally, our ongoing metallurgical testwork and drilling programme at Taronga aim to further enhance project economics and extend mine life.
"We have also maintained momentum in Germany, with continued permitting progress at Tellerhauser and resource development work at Gottesberg. The activities ongoing at both assets, combined with our strong financial position, ensure that we remain well-placed to deliver on our objectives."
Shares in First Tin were down 2.4% at 5.00 pence each in London on Tuesday around midday. The stock has risen 15% over the past year.
Scotting continued: "The broader tin market dynamics continue to present significant opportunities, with tin's role in the energy transition and digital infrastructure becoming increasingly recognised. With our projects strategically positioned in stable, low-risk jurisdictions, First Tin is well-positioned to become a leading supplier of responsibly sourced tin."
By Emily Parsons, Alliance News reporter
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